JSW Steel Ltd

Meeting Details

• Board meeting scheduled for Friday, October 23, 2026 (time and venue not disclosed).

Key Agenda Items

• Consider unaudited standalone and consolidated financial results for quarter and half-year ended September 30, 2026.

Other Notes

• Trading window for insiders closed October 1–25, 2026.

IPO filing by JSW One Platforms Limited

• DRHP filed Sept 24, 2026 with SEBI, BSE, NSE for IPO of equity shares.
• IPO subject to regulatory approvals, market conditions and other considerations.

Rating Action

• Issuer rating upgraded to IND AA+/Stable; Rating Watch with Positive Implications removed.
• Non-convertible debentures upgraded to IND AA+/Stable; outlook Stable.

Rationale

• Significant cash inflow of INR374 billion from BPSL sale reduced debt.
• Consolidated net leverage improved to 1.93x in 1QFY27.
• Leverage expected to stay below 2.5x in the medium term.
• FY27 EBITDA per tonne projected INR12,000-13,000.
• Capex around INR1,305 billion over 4–5 years, funded largely internally.
• Strong market position with 61% VASP in sales.
• Backward integration reinforces raw material security.
• Regulatory and forex risks remain; sector cyclicality persists.
• Liquidity ample: INR212 billion cash; unutilised lines over INR300 billion.
• Capex funding via internal accruals; strong access to capital markets.

Outlook & Sensitivities

• Outlook: Stable.
• Upgrade possible if leverage below 1.5x on sustained basis.
• Downgrade risk if leverage >3.0x sustained.

Meeting Details

• Date: 10 Sep 2026; UBS India Summit 2026; Mumbai; 1x1, Group
• Date: 18 Sep 2026; Jefferies 5th India Forum; Gurgaon; 1x1, Group

Participants

• Key company participants: management roles not disclosed

Purpose

• Purpose: Analyst/institutional investor meetings

Additional Notes

• Schedule may change due to exigencies on investor/company

Purpose

• Special resolution to approve Piombino Steel Limited's amalgamation with JSW Steel Limited under Sections 230-232.

Meeting Details

• Meeting held Aug 21, 2026 via VC/OAVM under NCLT order.

Key Resolutions

• Special resolution to approve Piombino–JSW amalgamation.

Voting Outcome

• Total votes polled: 2,179,051,525; in favour: 2,148,288,337; against: 30,763,188.
• Promoter group in favour: 100% of votes polled; Public Institutions: 94.01% in favour.
• Public Non-Institutions: 99.9947% in favour; 0.0053% against.
• Overall: 98.5882% in favour on votes polled.

Shareholder/Creditor Impact

• Amalgamation proposal; Piombino Steel will merge into JSW Steel, subject to court sanction.

Next Steps

• Awaiting Hon'ble NCLT sanction; timeline not disclosed.

Purpose

• Scheme of Amalgamation of Piombino Steel Limited with JSW Steel Limited and their shareholders.

Key Resolutions/Business

• Approval of the amalgamation scheme under Sections 230–232 of the Companies Act 2013.

Voting Outcome

• Resolution approved by requisite majority; no category-wise breakdown disclosed.

Shareholder/Creditor Impact

• Scheme effects consolidation; no exchange ratio disclosed.

Next Steps

• NCLT sanction pending; results to be published on JSW.in and KFin.